Technical Analyst Manas Jaiswal believes that one must hold on to their positions in IRFC if they are holding them. He advises maintaining a stop loss of ₹159.
“The first target one must keep is that of ₹200,” Jaiswal said while answering a viewer query on CNBC Awaaz. ₹200 is the recent record high made by the stock.
“Once the stock crosses ₹200, it will enter unchartered territory, post which it can see levels of ₹235 on the upside,” Jaiswal said. Levels of ₹235 implies a potential upside of 33% from Monday’s closing levels for IRFC.
IRFC was the first IPO of 2021 and an underperformer for the next three years of listing. However, the stock saw a stellar 2023, during which shares nearly tripled and those gains continued into January of 2024 as well, when the stock surged 75%.
Even at Monday’s closing price, shares of IRFC are up 7x from their IPO price of ₹26 per share.
At the current price, IRFC commands a market capitalisation of ₹2.31 lakh crore, which is more valuable than many Nifty 50 companies, and is higher than most railway-linked companies as well.
Shares of IRFC ended 0.3% higher at ₹176.9. The stock is up 76% so far in 2024. Post the gains in January, the stock has mostly been in consolidation mode.
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